How to apply and repay PesaPap loan

PesaPap is a virtual account that allows you to access Family Bank services on your mobile phone. With the new PesaPap wallet, you save, take a mobile loan, pay bills, purchase airtime and transfer funds. PesaPap provides a convenient, fast and easy way to access and manage your finances. With PesaPap, you can do all your banking on your phone.

What you need to know about PesaPap loan

Here are a couple of things you should know before you apply for a loan from PesaPap.

You can access a loan of up to Ksh 50,000
PesaPap charges an interest of 6.62% per month
PesaPap mobile loans must be repaid within 30 days. There are two options to repay your loan;
- Full Repayment – Total outstanding loan is repaid at once and in full
- Partial Repayment – Total outstanding loan is repaid in installments over the 30-day loan period
If you do not repay your loan in full within the time prescribed, PesaPal will automatically roll over any outstanding amount in respect of the loan and charge a facility collection fee of 5%

How to register for PesaPal

To open a PesaPap Wallet, simply follow these steps.

a. Family Bank customers

Family Bank customers can now self-register for PesaPap by dialing USSD *325#, and selecting the activate PesaPap option on the main menu. Upon completion and submission of the required fields, the Bank will complete the process and send out the PIN within 48 hours.

b. Non-Family Bank customers

Visit your nearest Family Bank branch for registration of mobile banking
Upon verification, the customer will receive access credentials via SMS
Go ahead and download the Pesapap App or dial *325# and proceed
Select ‘Open Wallet Account’ from the menu and follow the simple instructions
Your phone number is your PesaPap Wallet Account number
The following details are required;
- Full name as per ID
- ID number
- Mobile Phone Number

How to qualify for PesaPap loan

Here are some requirements for you to qualify for qualify for PesaPap loan.

You must have an active Family Bank account for a minimum period of 6 months. The higher the activity on your wallet account (deposits and withdrawals), the higher the chances of qualifying for a loan
You must not be listed on CRB for the last 3 months
Your wallet account must have an average account turnover of a minimum of Ksh 15,000 for 3 months

How to apply for PesaPal loan

To apply for PesaPal loan, follow these steps.

From PesaPap Wallet menu, select ‘My Loans’
Select ‘Request loan’
Enter amount required and submit
Enter MPIN to confirm details
The details of the loan (amount, facility fees and due date) will be displayed and an SMS confirmation sent to you